A minimum of a $5.00 balance must be maintained in your regular share account at all times. Dividends are compounded and credited quarterly. The dividend rate and annual percentage yield may change ever dividend period as determined by the board of directors. A quarterly statement is available online for free or may be mailed for a $2.00 statement fee. Either option must be requested online.
Share Draft Checking
There is no minimum balance required to earn dividends and no minimum balance fees. The only fees are a $32.00 NSF fee and $5.00 transfer fee if we have to transfer money from your savings account to cover your checking account. It is compounded and credited monthly with the dividend rate and annual percentage yield being determined by the board of directors monthly. The new Visa Check Card can also be used to access your share draft account through point of sale transactions or by using an ATM. But the ATM you use may charge a fee, we do not. A monthly statement is available online for free or may be mailed for a $2.00 statement fee. Either option must be requested online.
Your drafts/checks are not returned to you, but are stored by our processor. Your monthly statement will show all drafts/checks that has cleared in numerical order. A copy of your draft/check is available for a $3.00 fee for each copy received.Check/drafts may be ordered through the credit union or any check ordering service. The member may want to order their first book of checks through the credit union since they are at a reduced cost and may insure proper routing and account numbers for future orders.
This is another type of savings account. It has the same specifications as a regular savings account, except there is no $5.00 minimum. It really is not restricted like the name states. It is just another way to save for something separate from your regular savings account.
The Christmas Club is a special share account used by members to save for Christmas. This account starts in October and pays out the following October. The Christmas Club is disbursed to the member the first part of October by means of automatic deposit to their share account. Dividends are compounded and credited quarterly as determined by the board of directors. If the money is taken out early then the Christmas Club will not be restarted until next October.
Plan for that much needed vacation. Similar to the Christmas Club except it is started in June and pays out the following June into their savings account.
Certificates of Deposit
CD’s are available in 6 and 12 month terms with dividends compounded at maturity. Dividend rates are determined by the board of directors monthly. Six month CD’s require a $500.00 minimum deposit with Twelve month CD’s requiring a $1,000.00 minimum. Early withdrawal penalties as per Truth-in-Savings do apply.
There are two ways to have money go into your account automatically:
1. Payroll Deduction – This is done by filling out a payroll deduction form in the credit union. This is preferred when the member just wants a portion of their pay in one or more accounts.
2. Direct Deposit – This is done by going to your employer/payroll department and applying for direct deposit. With this option your whole paycheck goes into the designated account.